Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ dollar rallies as US Black Friday spending buoys stocks

NZ dollar rallies in NY as US Black Friday spending buoys stocks

Nov. 26 (BusinessDesk) – The New Zealand dollar rallied to a month high in New York trading on early signs that US consumer spending picked up on so-called Black Friday that follows the Thanksgiving Day holiday, helping stocks gain and lifting risk appetite.

The kiwi dollar traded at 82.28 US cents this morning from 82.40 cents in late New York trading on Friday and up from 81.63 cents in Wellington at the end of last week. The trade weighted index was at 73.65 from 73.68 in New York and up from 73.27 in late New Zealand trading on Friday.

The Dow Jones Industrial Average rose about 1.4 percent on Friday for a 3.3 percent weekly gain. Online retail sales in the US on Friday rose 26 percent to US$1.04 billion, according to comScore. The National Retail Federation predicts sales during the holiday season increased 4.1 percent this year, down from last year's 5.6 percent growth.

“Early indications around retail spend in the US is that average spend is up,” said Alex Sinton, senior dealer at ANZ New Zealand. “Equities are up on the back of that.”

Helping set a positive tone for growth-linked currencies such as the kiwi, the Ifo institute's business climate index for Germany unexpectedly rose, climbing to 101.4 in November from 100 in October, the first increase in eight months. Meantime there’s optimism Greece’s lenders will agree to the next tranche of funding for the debt-ridden nation.

The New Zealand dollar traded at 63.46 euro cents from 63.49 cents and traded little changed at 51.33 British pence. The kiwi fell to 78.65 Australian cents from 78.74 cents and traded at 67.75 yen from 67.85 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news